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IFN - Infigen Energy News Story

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Last Trade - 02/11/20

Sector
Utilities
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £164.8m
Position in Universe th / 1898

Iberdrola secures 98.25% stake in Australian Infigen

Wed 21st October, 2020 3:09pm
Oct 21 (Reuters) - Spain's Iberdrola  IBE.MC  said on
Wednesday it had secured a 98.25% stake in Australian wind and
solar firm Infigen  IFN.AX  share capital through a public
takeover offer.
    The announcement brings to an end the months-long bidding
war for the control of the Australian firm. 
    Philippine conglomerate Ayala  AC.PS  was the first bidder
for the renewable energy company back at the beginning of June
in an offer that valued the company at about A$777 million
($551.98 million). 
    Iberdrola replied and eventually offered A$893 million for
Infigen.  urn:newsml:reuters.com:*:nL3N2EU4MB
    Infigen's independent directors had urged minority investors
to accept Iberdrola’s takeover offer a few days after the
company had reported a steep profit decline and suspended
dividends indefinitely.  urn:newsml:reuters.com:*:nFWN2FL0DT
($1 = 1.4077 Australian dollars)

 (Reporting by Aida Pelaez-Fernandez; Editing by Inti Landauro
and Alison Williams)
 ((Aida.Pelaez-Fernandez@thomsonreuters.com;))
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